BORUSAN BİRLEŞİK BORU FABRİKALARI SANAYİ VE TİCARET A.Ş.

Investor Presentation • Aug 9, 2024

INVESTOR PRESENTATION January - June 2024

Legal Disclaimer

Some information in this presentation may contain certain "forward-looking statements", including, without limitation BORUSAN BİRLEŞİK BORU FABRİKALARI SANAYİ ve TİCARET A.Ş. (Company)'s business projects, strategic objectives, future revenues, anticipated savings, financial results (including expenses, earnings, liquidity, cash flow and capital expenditures), industry or market conditions, demand for and pricing of our products, future developments regarding acquisitions, future-oriented financial information and "financial outlook" under applicable Capital Market Laws (collectively referred to herein as forward-looking statements). Forward-looking statements provide an opportunity for the potential investors to evaluate management's forecasts and opinions in respect of the future before they make a decision to invest. These forward-looking statements reflect the Company's views at the time such statement was made with respect to future events and are not a guarantee of future performance or developments and undue reliance should not be placed on them. Such forward- looking statements necessarily involve known and unknown risks and uncertainties, which may cause actual performance and financial results in future periods to differ materially from any projections of future performance or result expressed or implied by such forward-looking statements.

Accordingly, the Company's board members, advisors, or employees shall not be liable for any direct, indirect or consequential loss or damage suffered by any person as a result of relying on any statement in, or omission from, this presentation, or on any other information or communications in connection with it. All information contained was believed to be accurate at the time of publication of this presentation and the Company accepts no responsibility for any spelling or printing errors that may occur during its preparation.

BORUSAN BORU AT A GLANCE

• Borusan Birleşik Boru Fabrikaları San. ve Tic. A.Ş. ("BBB"), is among the pioneer manufacturers in Europe's and the world's steel pipe sector. Founded in 1958, BBB is the first industrial company of Borusan Group.
• In 1994, the Company's shares have been quoted on Borsa İstanbul and since been trading with BRSAN ticker symbol. (Float: 19.85%)
• In 1998, Borusan Group merged its operations in Turkey with the leader steel company in Europe; Salzgitter Mannesmann GMBH, and on November 27, 2023, acquired 23% share of Salzgitter Mannesmann GmbH in BMB Holding A.Ş.'s capital, for a transaction price of €52,8 million. Borusan Boru has registered its new title as of November 23, 2023.
• In 2001, in line with its strategy to grow in global markets, BBB acquired its first company abroad in Italy, established its first company in the USA in 2014, and in 2023, BBB expanded its operations in the USA by acquiring Berg Pipe.
• In 1Q24, as part of its strategy to expand its automotive business line initiated last year, BBB completed its facility investment in Romania and the installation of the SRM line in Houston, Baytown campus in the USA, and commenced trial production activities.

* Detailed information is available on Berg Pipe Acquisition Presentation at https://borusanboru.com/media/2554/bmb-berg-pipe-acqusition-final-eng.pdf

3 Continents 11 Facilities 1.1 million m²Area 2,599 Employees 2 million ton Capacity 4,000 Product Types

FACILITY	PRODUCT	SECTOR	YEAR	CAPACITY (tons)
TR - Halkalı	ERW and Cold Drawn Pipe	Automotive, Industry & Construction	1958	100,000 - welded 40,000 - drawn
TR - Gemlik	ERW Pipe	Industry & Construction, Infrastructure & Project, Energy	1976	550,000
TR – Gemlik**	HSAW Pipe	Infrastructure & Project	2011	300,000
TR - Bursa	Service Center	Automotive	2016	21 mln units
TR - Gemlik	Cold Drawn Pipe	Automotive	2019	60,000 - welded 50,000 - drawn
USA - Baytown	ERW Line Pipes	Energy	2014	300,000
USA - Baytown*	SRM Pipe	Industry & Construction	2023	100,000
USA - Panama City	LSAW Pipe	Infrastructure & Project	1979	330,000
USA - Mobile	HSAW Pipe	Infrastructure & Project	2007	220,000
IT - Vobarno	ERW and Cold Drawn Pipe	Automotive	2001	30,000 - drawn
RO - Romania*	Service Center	Automotive	2023	21 mln units

• The investment was completed in 1Q24, and trial productions have commenced.

3

• ** The land and buildings used for the production of large diameter pipes within the scope of the infrastructure and project business line at Gemlik, have been sold on February 22, 2024 and studies continue on alternatives to sell or relocate the related machinery and equipment. Aforementioned land and buildings will be completely evacuated by December 2024.

STEP BY STEP JOURNEY TO GLOBALIZATION

BUSINESS MODEL THAT MANAGES RISKS THROUGH SECTOR AND GEOGRAPHICAL DIVERSITY

	INFRASTRUCTURE & PROJECT	INDUSTRIAL & CONSTRUCTION	AUTOMOTIVE	ENERGY
Revenue Breakdown
1H23	9%	18%	13%	60%
2023	29%	18%	12%	41%
1H24	52%	15%	12%	21%
Production Centers	• Gemlik (TR)* • Panama City (USA) • Mobile (USA)	• Gemlik (TR) • Halkalı (TR) • Houston (USA)	• Halkalı (TR) • Gemlik (TR) • Vobarno (IT)	• Gemlik (TR) • Houston (USA)
Products	• Spiral Welded Pipes • LSAW Line Pipes • ERW Line Pipes	• ERW Natural Gas Pipes • Industrial Pipe and Profiles • Water Pipes • Construction Pipe and Profiles • SRM Installation Pipes	• Hydraulic Cylinder Pipe • Cold Drawn Pipes • Advance Processed Pipes • Precision Pipes and Profiles	• ERW Line Pipes • OCTG Pipes

* The land and buildings used for the production of large diameter pipes within the scope of the infrastructure and project business line at Gemlik, have been sold on February 22, 2024 and studies continue on alternatives to sell or relocate the related machinery and equipment. The machinery, equipment, land, and buildings used in the production of pipes, which have been manufactured in Turkey for many years to be offered to customers in the industrial, construction, and automotive segments and are currently located at our Gemlik Facilities, are not included in the scope of the relevant sales transaction. Borusan Boru is to continue its production activities at Gemlik, Halkalı and Bursa facilities in Turkey.

Revenue share of global markets increased to 81% as of 1H24

IN 1H24, INCREASING SALES VOLUME AND REVENUE DESPITE THE WEAK DEMAND OUTLOOK

Volume change in 1H 2024 compared to 1H 2023 based on business lines:

• • Infrastructure and Project: 411.9% increase
• • Automotive: 11.8% increase
• • Industrial and Construction: 15.8% increase

• Energy: 32.6% decrease

• Revenue change in 1H 2024 compared to 1H 2023 based on business lines:

• • Infrastructure and Project: 579.4% increase
• • Automotive: 7.7% increase
• • Industrial and Construction: 2.7% increase

• Energy: 57.7% decrease

• o The continuation of the normalization process, which began in 2H23, due to declining volumes and sales prices in the energy business line.

• Increasing labor costs and real appreciation of TL

SECTORAL FLUCTUATIONS BALANCED WITH DIFFERENT BUSINESS LINES

REVENUE SHARE (1H24)

INFRASTRUCTURE

• • Contribution of Berg Pipe, which has been consolidated as of April 2023
• • Increasing share of high value added spiral welded pipe sales

• 1H23 1H24 2Q23 1Q24 2Q24

• Weak demand outlook in the operating areas

• Increasing competition

• Weak demand outlook in the

automotive sector - Increasing labor costs

• o Normalized revenue due to balanced supply-demand conditions
• Decrease in the number of rigs in the USA

SUMMARY INCOME STATEMENT (\$ MLN)

CONSOLIDATED (\$ mln)	1H24	1H23	Change (%)	2Q24	2Q23	Change (%)	1Q24
Revenue	941	785	19.9%	411	391	5.3%	529
Gross Profit	87	221	-60.8%	44	108	-59.4%	43
Gross Profit Margin (%)	9.2%	28.2%	-19.0 pps	10.6%	27.6%	-17.0 pps	8.1%
Operational Expenses	-38	-46	-16.4%	-20	-27	-26.6%	-18
OPEX Margin (%)	-4.1%	-5.9%	1.8 pps	-4.9%	-7.0%	2.1 pps	-3.5%
Other	16	19	-19.3%	4	9	-56.0%	12
EBIT	64	194	-67.1%	28	90	-69.1%	36
EBIT Margin (%)	6.8%	24.8%	-18.0 pps	6.7%	22.9%	16.2 pps	6.9%
Financial Expenses	-33	-24	38.3%	-16	-10	56.3%	-16
Profit Before Tax	31	171	-81.6%	11	79	-85.7%	20
PBT Margin (%)	3.3%	21.8%	-18.5 pps	2.7%	20.2%	-17.5 pps	3.8%
Net Income	20	129	-84.2%	8	57	-85.2%	12
Net Income Margin (%)	2.2%	16.4%	-14.2 pps	2.1%	14.6%	-12.5 pps	2.2%
Amortization	21	21	0.5%	9	12	-21.0%	12
Other	1	-1	N/M	2	-1	N/M	-2
EBITDA*	86	214	-60.0%	39	100	-60.9%	46
EBITDA Margin (%)	9.1%	27.3%	-18.2 pps	9.5%	25.7%	-16.2 pps	8.8%

9 * EBITDA is calculated including Net Operating Income, Income from Investment Activities and excluding Extraordinary Income (Expense).

SUMMARY INCOME STATEMENT (TRY MLN)

CONSOLIDATED (TRY mln)*	1H24	1H23	Change (%)	2Q24	2Q23	Change (%)	1Q24
Revenue	29,646	15,578	90.3%	13,290	8,151	63.1%	16,356
Gross Profit	2,741	4,382	-37.5%	1,412	2,248	-37.2%	1,328
Gross Profit Margin (%)	9.2%	28.2%	-19.0 pps	10.6%	27.6%	17.0 pps	8.1%
Operational Expenses	-1,214	-921	31.9%	-646	-568	13.7%	-568
OPEX Margin (%)	-4.1%	-5.9%	1.8 pps	-4.9%	-7.0%	2.1 pps	-3.5%
Other	490	384	27.6%	128	187	-31.9%	362
EBIT	2,016	3,845	-47.6%	894	1,867	-52.1%	1,122
EBIT Margin (%)	6.8%	24.8%	-18.0 pps	6.7%	22.9%	-16,2	6.9%
Financial Expenses	-1,029	-465	121.4%	-529	-219	142.0%	-500
Profit Before Tax	987	3,380	-70.8%	365	1,649	-77.9%	622
PBT Margin (%)	3.3%	21.8%	-18.5 pps	2.7%	20.2%	-17.5 pps	3.8%
Net Income	640	2,537	-74.8%	273	1,190	-77.1%	367
Net Income Margin (%)	2.2%	16.4%	-14.2 pps	2.1%	14.6%	-12.5 pps	2.2%
Amortization	660	414	59.3%	299	242	23.6%	360
Other	25	-17	N/M	74	-14	N/M	-48
EBITDA**	2,701	4,242	-36.3%	1,267	2,095	-39.5%	1,434
EBITDA Margin (%)	9.1%	27.3%	-18.2 pps	9.5%	25.7%	-16.2 pps	8.8%

* Margins for TRY Consolidated Income Statement are based on USD dollar Income Statement.

10

** EBITDA is calculated including Net Operating Income, Income from Investment Activities and excluding Extraordinary Income (Expense).

SUMMARY BALANCE SHEET AND FX POSITION

BALANCE SHEET

(\$ mln)	2Q24	1Q24	2023	2Q23
Cash and Cash Equivalents Trade Receivables Inventories	58 180 557	130 177 578	129 197 537	178 224 475
Current Assests	934	1,041	1,084	953
Non-Current Assets	838	827	816	857
TOTAL ASSETS	1,772	1,868	1,899	1,810
Short Term Borrowings Trade Payables	321 182	229 325	265 293	277 229
Short Term Liabilities	704	825	874	779
Long Term Borrowings	112	83	84	139
Long Term Liabilities	201	184	178	255
Paid in Capital	69	69	69	69
Equity	868	859	848	776
TOTAL LIABILITIES	1,772	1,868	1,899	1,810

(\$ mln)	2Q24	2Q23	2023	2Q23
Net Working Capital Net Debt	555 375	430 182	441 219	470 238

11 * Net Debt/EBITDA ratios are calculated using EBITDA for the last twelve months.

NET DEBT*/EBITDA

	2020	2021	2022	2023	1H24	2024E
Sales Volume (mln tons)	0.63	0.76	0.85	1.06	0.62	1.05 – 1.20
Revenue (\$ billion)	0.5	0.8	1.3	1.7	0.9	1.7 – 2.0
EBITDA Margin (%)	9.9%	9.8%	14.9%	18.2%	9.1%	8% - 10%

• In the ordinary course of events, expectations are disclosed four times a year, with quarterly financial results. Despite the weak demand outlook and increasingly challenging competitive conditions in the first half of 2024, financial and operational results in line with expectations were achieved. Following the 1H24 financial results, no updates were made to the 2024 outlook.

• In the second half of the year, weak demand and cost pressures are expected to continue, and due to balanced supply/demand conditions in the energy sector, sales prices are anticipated to remain at long-term averages.

• Qualified human resources with agility to take prompt action and vision to turn crises into advantage

• Quality and leading brand perception
• Strong customer satisfaction thanks to customer and solution focused approach at the maximum
• Preferred manufacturer by suppliers due to value-added products, continuous growth and reliable partner approach
• Wide product portfolio continuously supported by new investments
• Ranked 1. in Europe in cold drawn pipes and leading manufacturer in the USA in welded steel pipe market
• Balanced portfolio approach with presence in geographies and segments having different dynamics

COMPETITIVE ADVANTAGES FOCUS FOR TRANSFORMATION STRATEGIC ACTIONS

• ESG oriented cultural transformation
• Compliance studies on CBAM (Carbon Border Adjustment)
• Digital transformation initiated with the SAP project
• Cost-saving measures in operational expenses
• Improvement efforts in production costs
• Profitability oriented sustainable growth in business lines and geographic regions
• The integration of acquisitions and investments in new regions in the most efficient manner
• Generating value add with smart pipes, enabling customer and product communication

• Targeting new markets with hydrogen, carbon capture and energy storage products

• Infrastructure and Project: Growth in Northern America Market with Berg Pipe acquisition in the USA

• Industrial and Construction: Increasing the weight of new products in the portfolio through SRM investment in the USA
• Automotive: Penetration in Tier 1 Tier 2 customer segments in Europe with the Service Center investment in Romania
• Energy: Sustaining profitable revenue growth by weighing on automation and robotics investment in existing lines
• Constantly evaluating acquisition and mergers options with a focus on efficiency

OUR ENVIRONMENT, SOCIAL, GOVERNANCE (ESG) ORIENTED ACTIONS

	PRIORITIES	RELATED KPI'S	RELATED SDG
N A M U H	• Occupational Health and Safety • Social Contribution • Effective People Management	• Decrease in Frequency and Weight of Accident • Female Employee Rate • Employee Loyalty • Talent Retention Rate
E T A M LI C	• Waste Management • Circular Economy • Combating Climate Crisis • Transition to Zero Carbon Economy	• Reduction of Scope 1 and 2 Emission • Reduction of Waste • Reduction of Water Consumption • Increase of Recycled Water
E C N A N R E V O G	• Sustainability in Supply Chain • Effective Risk ve Crisis Management • Excellence in Customet Relations • Adopting Innovative Business Models	• Compliance with Corporate Governance Principles • All Sustainability KPI's • Green Purchase at Supply Chain
N O TI A V O N N I	• New Product and Innovation • Digital Transformation • Artificial Intelligence • Operational efficiency	• Revenue Generated from Innovative Business Models • Implementation of Circular Business Model (Product or Service)

Sınıflandırma: Borusan Grubu Özel

Telephone 0 212 3935758 E-mail bb.investor@borusan.com